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MFS Launches Golf Industry Fund

Published: Wed 19 Oct 2005 02:16 PM
19 October, 2005
MFS Launches Golf Industry Fund
Highly diversified funds management, tourism and investment group MFS Limited (ASX: MFS) has announced plans to establish a golf industry investment fund in conjunction with its title sponsorship of the 2005 MFS Australian Open announced today.
The AGU Enhanced Income Fund will be created in cooperation with the Australian Golf Union (AGU) as an investment vehicle focused on delivering competitive returns to the golfing fraternity.
MFS, which operates in New Zealand under the MFS Pacific Finance brand, expects to raise more than $50 million in the first year of the fund which will open in conjunction with the 2005 MFS Australian Open at Moonah Links golf course in Victoria from November 24-27.
The three-year sponsorship agreement will see MFS become the exclusive funds management service provider to the AGU. MFS will also investigate the opportunity to establish a lending facility for AGU-affiliated golf clubs to undertake capital works.
MFS Managing Director Phil Adams said the AGU’s 1,700 affiliated clubs and 460,000 members would now have the option of investing in a fund which catered specifically for their needs.
“We see this relationship with the AGU as a natural development of our core business activities and we are pleased to be working with them on this initiative,” Mr Adams said.
“This partnership with the AGU through our sponsorship of the Australian Open presents a unique and innovative opportunity to take our proven expertise in funds management to a whole new group of investors.
“The three year term of our sponsorship is evidence of our commitment to establish a long term relationship.”
Mr Adams also said the sponsorship would allow MFS to significantly increase its brand awareness and introduce the company to a strategically important target market.
The fund will managed by MFS Investment Management (MFSIM) a Responsible Entity (RE) of MFS Limited. MFSIM is the RE of the MFS Premium Income Fund which recently took out the prestigious Australian Mortgage Fund of the Year in the Standard & Poor's 2005 Fund Manager of the Year Awards.
MFS, a publicly listed company, manages more than $3 billion in assets across Australia and New Zealand.
ENDS

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